1666.67% Highest Dividend Yield, Rs 20/Share Payout; Rs 3 Penny Stock Turns Ex-Dividend; What's Next?

Taparia Tools, an iron and steel products maker, is the highest dividend yield stock irrespective of large-cap, smallcap or midcap. However, trading at a little over Rs 3, Taparia Tools is a penny stock. On February 23rd, this penny stock which has the highest yield of over 1,666% has turned ex-dividend for its upcoming dividend payout to the tune of Rs 20 per share. Top dividend payout in 2024, highest dividend yield, while being a penny stock which also means it is cheap, Taparia Tools is an investor darling.

Taparia Tools Share Price:

This steel stock froze at its 52-week high of Rs 3.06 apiece on BSE, which is also its 5% upper circuit. This meant there were only buyers in Taparia Tools on its ex-dividend day.

Taparia's market cap is at Rs 4.64 crore. From its 52-week low of Rs 2.10 per share, Taparia is trading higher by nearly 46% currently.

Taparia Tools Interim Dividend:

The company declared an interim dividend of Rs 20 per share having a face value of Rs 10 each for FY24. In percentage terms, the dividend payout will be 200%. The dividends will be from the distributable profits for the period April to December 2023.

For determining eligible shareholders for the interim dividend payout, the company has fixed February 24 as the "Record Date". But since February 24th is a holiday due to Saturday, Taparia Tools turned ex-dividend on Friday.

Dividends are generally distributed in a certain proportion by listed companies from their net profits earned in a respective financial year. Dividends are among many rewards that are paid for holding equity shares. Other incentives are bonus issues and also stock split benefits.

As per Trendlyne data, Taparia has delivered up to 21 dividends since March 2022. Last year, the company paid up to Rs 175 per share dividends. According to the data, at the current share price of ₹3.0600, Taparia Tools Ltd.'s dividend yield is 5718.95%. Adjusting for Bonus/Splits the dividend yield is 1666.67%.

Taparia Tools looks bullish on the Daily charts with strong support at 2.10. A daily close above resistance of 3.6 could lead to a target of 7 in the near term, said AR Ramachandran from Tips2trades.

About Taparia Tools:

TAPARIA TOOLS started manufacturing hand tools in 1969 in India in technical collaboration with a reputed company in Sweden. Taparia Tools has been since then consistently producing all the hand tools in India with the exact technology of its collaborators. Taparia's range is quite wide and is continually expanding. The quality, the features, the looks, the packings etc., of tools is continually improved. All these Hand tools are manufactured in our two modern factories, which have full manufacturing facilities at Nashik and Goa. Nashik is situated around 190 km from Mumbai and Goa is around 600 km from Mumbai. The Company's manufacturing facilities include a modern Forge shop, Machine shop, Heat treatment, Polishing, Nickel chrome plating and so on.

The company presently has over 800 distributors, distributing its products all over India. Besides being a Brand leader in India TAPARIA' Tools are exported to a good number of countries for last more than 25 years - including. to the U.K., U.S.A, Denmark, Israel, Germany, Sweden, Norway, Finland, Dubai, Kuwait, Tanzania, Kenya, Hong Kong, Thailand, Mexico, Argentina, Uruguay, U.A.E & Sri Lanka etc.